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Lng Prices

Awilco LNG Reports Loss

Photo: Awilco LNG

 Oslo-based LNG shipping company, Awilco LNG, reported a first quarter freight income of US$8.9 million, down from $12.1 million in the same quarter the previous year.    The pure play LNG transportation provider  said that an oversupply of shipping in the carrier market, limited growth in trade and a reduced ton-mile ratio have combined to keep the LNG spot market at “unsustainable levels” for more than one year, both in terms of low utilization and depressed freight rates.   "The decrease was due to a minor reduction in rates and utilisation of WilPride, from 62 percent in the fourth quarter 2015 to 57 percent during the first quarter," Awilco LNG said in a statement.   Awilco LNG reported a net loss of $4.6m in the first quarter, in line with the net loss of $4.7m in the comparable period of 2015.   “Despite falling LNG prices, LNG imports to Japan and South Korea continued the weakening trend from 2015, and imports were down 6 percent and 5 percent respectively during the quarter,” Awilco LNG said   Awilco LNG said its fleet utilisation for the quarter ended at 78 percent, compared to 81 percent in Q4 2015.  


Coal's Cost Advantage over LNG Slipping

file image: a ttypical bulk carrier at sea (Credit: BSM)

Thermal coal has been one of the commodity success stories this year, but there is a risk that it becomes a victim of its own success by eating into its advantage over liquefied natural gas (LNG) in generating electricity. The benchmark Australian thermal coal price, the Newcastle Index, rose to $70.76 a tonne in the week to Sept. 16, its highest in 18 months and taking its gain since the start of the year to almost 40 percent.


Europe Set for LNG Supply Surge

Europe is luring twice as many liquefied natural gas (LNG) tankers as last year and more are expected in what is now the premium-priced market after a year-long demand slump in Asia. In just a week, seven new LNG tankers embarked for Belgian, British and Dutch ports and six more may arrive in the next month, attracted by the widest and most consistent premium to Asian prices in at least five years, price data on Reuters Eikon shows.


Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior officials from the Malaysian state-oil firm said on Tuesday. The 365-metre (1,200 ft) long Petronas Floating LNG 1 (PFLNG1), with a capacity of 1.2 million tonnes per annum, would be completed by March next year, the firm's Vice President and Venture Director LNG Projects (Domestic) Abdullah Karim told reporters.


Japan LNG Prices Fall to Lowest in More Than 2 Years

Prices for liquefied natural gas (LNG) spot cargoes for Japan, the world's top buyer, fell in May to the lowest since the trade ministry started publishing figures more than two years ago, official data showed on Thursday.   The average price of spot LNG contracted in May fell by 10 cents from the previous month to $4.10 per mmBtu, the monthly data by the Ministry of Economy, Trade and Industry (METI) showed, down from $14.80 two years ago.  


ICE to Offer First US Gulf Coast LNG Futures Contract

With the United States about to become a net exporter of natural gas for the first time in 60 years, Intercontinental Exchange Inc said on Wednesday it would begin trading the first-ever U.S. liquefied natural gas futures contract in May. ICE said the contracts would be cash-settled against the Platts LNG Gulf Coast Marker price assessment and use Platts-derived U.S. GCM LNG forward curves for daily settlement purposes. The curves will have an initial term of 48 months.


India to Boost LNG Impots

Photo: FERC

 India plans to more than double its liquefied natural gas (LNG) import terminal capacity in six years to cater to the rising natgas demand from refineries, fertilizer and power plants, according to a report in the Economic Times.   A total of 15.15m tonnes of LNG was delivered into Indian terminals in 2015, a 5% increase from 2014, according to ICIS data.   India was one of the biggest importers of LNG in Asia buying approximately10.4 million tonnes in 2014


South Korean Yards Eyed for $3.8 Bln LNG Shipbuilding Deal

A little-known investment company said it intends to order up to 20 liquefied natural gas (LNG) carriers, probably from South Korean shipbuilders. The contracts would be worth as much as $3.8 billion, two people with direct knowledge of the matter told Reuters.   CBI Energy and Chemical, which is controlled by Australian and Canadian investors and has offices in Hong Kong, also said in a statement to Reuters that it would be seeking to buy floating LNG production and import facilities


LNG Prices Rise as South Korea to Wrap Up Major Tender Award

Asian spot liquefied natural gas (LNG) prices rose this week as strong expected demand from South Korea added to appetite from India and Taiwan, while supply from the United States was slow to return from maintenance.   The price of LNG for December delivery was $6.95 per million British thermal units (mmBtu), up around 15 cents from a week earlier.   Attention was on a tender by Korea Gas Corp which has by all accounts exceeded its initial scope and drawn bids by 25 companies


Top LNG Buyers Form Alliance to Push for Flexible Contracts

© akiyoko / Adobe Stock

The world's biggest liquefied natural gas (LNG) buyers are clubbing together to secure more flexible supply contracts in a move that further shifts power to buyers rather than producers.   Korea Gas Corp (KOGAS) said on Thursday it had signed a memorandum of understanding in mid-March with Japan's JERA and China National Offshore Oil Corp (CNOOC) to exchange information and "cooperate in the joint procurement of LNG."  


Italy's 15-Cargo LNG Buy Tender Attracts Competitive Bids

© Anatoly Kolodey / Adobe Stock

A tender to supply Italy with about 15 liquefied natural gas (LNG) cargoes between April and September attracted highly competitive winning bids from traders including Gunvor, Trafigura, MET and Uniper, trade sources said.   Companies offered to supply the shipments at only a slight premium


Shell Shelves Prince Rupert LNG

Photo: Prince Rupert LNG

 Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia. However, it  is still considering the potential of its other West Coast LNG option.  


Asian Spot LNG Prices Slip on Weak Demand

© Altin Osmanaj / Adobe Stock

 Asian spot LNG prices fell this week on poor demand from major gas-consuming regions despite a slew of new purchase tenders.   The May spot LNG contract fell by $0.25 cents to $5.40 per million British thermal units (mmBtu), with new production coming on stream in Australia and the


Thailand Boosts LNG Imports

Image: PTT LNG

 Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported.   Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year.  


Partners Developing LNG-fueled Capesize Concept

From left to right: Chen Gang, Technical Manager from SDARI, Toshiaki Tanaka, Executive Officer, Deputy Director General, Dry Bulk Business Unit from Mitsui O.S.K. Lines, Steen Lund, Regional Manager South East Asia, India and Pacific from DNV GL – Maritime, Mike Utsler, Chief Operating Officer from Woodside Energy, Abdes Karimi, Freight Operations Manager from BHP Billiton, and David O’Brien, Freight Manager from Rio Tinto Marine, at the signing ceremony (Photo: DNV GL)

New regulations on limiting sulphur and nitrogen oxides emissions and a burgeoning global infrastructure are adding to the growing momentum for the more widespread adoption of LNG as a marine fuel. “Green Corridor”, a new joint industry project (JIP) signed recently in Singapore


Australian LNG Projects Face Delays, Benefiting US Producers

Shells Prelude floating LNG production vessel (Photo: Shell)

Australia's plans for a huge increase in its production of liquefied natural gas are being dealt a big blow by a series of production delays, as energy companies struggle with technical problems and cost overruns.   The country is still likely to become the world's biggest LNG exporter


Oversupplied Japanese LNG Players to Sell off Excess Volumes

© akiyoko / Adobe Stock

Asian spot LNG prices extended losses this week as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened.   Asian prices for LNG delivery in March fell 25 cents to about $7.75 per million British thermal units (mmBtu), traders said


LNG Imports in Turkey Projected to Reach 9 MMT by 2025

Pic: EGE GAZ A.S.

 Rising demand from industrial sector, growing use for power generation and declining average landed prices to drive demand for LNG in Turkey through 2025, says TechSci Research report on Turkey LNG Market. LNG Imports in the country is projected to surpass 9 MMT by 2025


Indian LNG Import Tax Halved

Indian Finance Minister Arun Jaitley. Photo: PIB, Govt of India

 India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel.   Indian Finance Minister Arun Jaitley presenting the Budget for 2017-18 in Parliament halved the import duty on LNG to 2


Singapore LNG Market to Grow at 10.39% Through 2025

Photo: Singapore LNG Corporation Pte Ltd

 The market for LNG in Singapore is projected to grow at a CAGR 10.39% during 2016-2025, due to the push from Singapore government towards adoption of cleaner energy sources, capacity addition of natural gas / LNG based power plants and emergence of Singapore as a regional trading hub for LNG


Shell: LNG Demand Strong to 2030

LNG Demand Set to Outpace Gas Demand Growth from 2015 to 2030   Shell launches LNG Outlook Global demand for liquefied natural gas (LNG) reached 265 million tonnes (MT) in 2016 – enough to supply power to around 500 million homes a year


LNG Bunkering Commences in Australia

(Photo: EVOL)

First Australian commercial LNG bunkering completed in WA’s north-west on 23 January 2017 by EVOL LNG for Woodside   Under an agreement with Woodside, EVOL LNG refueled the platform supply vessel, Siem Thiima, on January 23 at King Bay Supply Base near Dampier


GAIL, Gunvor Sign Time-Swap for U.S. LNG

File Image: CREDIT MISC

State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies.  


GAIL's First Time-Swap Deal for US LNG with Gunvor

Image: GAIL (India) Limited

 Indian state-owned gas company GAIL has reached a deal with Swiss energy trading firm Gunvor to swap American liquefied natural gas (LNG) cargoes for shipments from other sources, Reuters reported.   It is the first time-swap agreement by GAIL


FLNG Production Bows out as US Exports Roil Market

File photo : Shell

Once considered the future of gas production, floating liquefied natural gas (FLNG) projects have been firmly relegated to the backburner as global gas producers seek cheaper ways to compete with a surge in U.S. shale supplies and slumping prices.  






 
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